8-K
TETRA TECHNOLOGIES INC (TTI)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): September 6, 2022
TETRA Technologies, Inc.
(Exact Name of Registrant as Specified in Charter)
| Delaware | 1-13455 | 74-2148293 |
|---|---|---|
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
24955 Interstate 45 North
The Woodlands, Texas 77380
(Address of Principal Executive Offices, and Zip Code)
(281) 367-1983
Registrant’s Telephone Number, Including Area Code
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communication pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communication pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock | TTI | NYSE |
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). | ||
| --- | --- | |
| Emerging growth company ☐ | ||
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ |
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective September 6, 2022, the Board of Directors of TETRA Technologies, Inc. ("TETRA" or the "Company") approved the promotion of Matthew Sanderson to the newly created role of Executive Vice President and Chief Commercial Officer. Since December 2016, Mr. Sanderson served as TETRA’s Senior Vice President and was responsible for its Water and Flowback Services and its Completion Fluids and Products divisions.
Item 7.01. Regulation FD Disclosure.
On September 6, 2022, the Company issued a news release announcing the promotion of Mr. Sanderson to Executive Vice President and Chief Commercial Officer, as well as other related changes. A copy of the news release is attached hereto as Exhibit 99.1.
The information furnished in this Item 7.01 and in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit | Description |
|---|---|
| 99.1 | News Release dated September 6, 2022, issued by TETRA Technologies, Inc. |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TETRA Technologies, Inc. | |
|---|---|
| By: | /s/ Brady M. Murphy |
| Brady M. Murphy | |
| President and Chief Executive Officer | |
| Date: September 6, 2022 | |
| --- |
tti-ex991_6.htm
Exhibit 99.1
For Immediate Release
TETRA Technologies, Inc. announces
CHANGES AND ADDITION TO SENIOR MANAGEMENT
THE WOODLANDS, Texas, September 6, 2022 /PRNewswire/ -- TETRA Technologies, Inc. ("TETRA" or the "Company") (NYSE:TTI) announced changes in its senior management with the promotion of Matt Sanderson, to Executive Vice President and Chief Commercial Officer and the addition of Roy McNiven, who will be joining TETRA as Senior Vice President, Energy Services Operations.
In his new role, Matt Sanderson will be responsible for leading the business development, technology, marketing, and corporate development functions of the company to develop and execute on the key company growth strategies. This will include evolving partnerships to accomplish our objectives in a growing oil and gas market as well as those to support our lithium and bromine opportunities through the development of our Arkansas resources. Since December 2016, Matt served as TETRA’s Senior Vice President responsible for its Water and Flowback Services and its Completion Fluids and Products divisions.
As a former Senior Vice President of Operations and Manufacturing at CSI Compressco LP, Roy McNiven is well known to TETRA as a proven and strong business leader with significant oil & gas services experience. He previously served as Vice President of Services and Rental Operations at Canrig, a division of Nabors Industries Ltd, and Vice President of Products and Services at TESCO Corporation. Roy will be focused on our Energy Services operations and to continue to build upon our industry-leading positions for both Water and Flowback and Completion Fluids and Products.
Brady Murphy, TETRA’s President and Chief Executive Officer, commented, “Given the many key growth opportunities that we have facing a multi-year oil and gas business recovery along with new markets for produced water beneficial reuse, lithium and bromine solutions for energy storage and CO2 capture, we are expanding our senior management team to strengthen our ability to execute. Matt and Roy are very well suited to allow us to maximize our growth while operationally executing at a continued high level. These changes are in addition to new resources we have recently added for mineral extraction and manufacturing and to our TETRA Innovation Group (TIG), our in-house aqueous chemistry research group, to support these emerging opportunities.”
Company Overview
TETRA Technologies, Inc. is an industrial and oil & gas products and services company operating on six continents focused on bromine-based completion fluids, calcium chloride, water management solutions, frac flowback, and production well testing services. Calcium chloride is used in the oil and gas, industrial, agricultural, road, food, beverage, and lithium production markets. TETRA is evolving its business model by expanding into the low carbon energy markets with its chemistry expertise, key mineral acreage, and global infrastructure. Low carbon energy initiatives include commercialization of TETRA PureFlow^®^, an ultra-pure zinc bromide clear brine fluid for stationary batteries and energy storage; advancing an innovative carbon capture utilization and storage technology with CarbonFree to capture CO2 and mineralize emissions to make commercial, carbon-negative chemicals; and development of TETRA’s lithium and bromine mineral acreage to meet the growing demand for oil and gas products and energy storage. Visit the Company's website at www.tetratec.com.
Investor Contact
For further information: Elijio Serrano, CFO, TETRA Technologies, Inc., The Woodlands, Texas, Phone: (281) 367-1983, www.tetratec.com.